The Bribery Act is full steam ahead to come into force in April 2011. Despite this, it was reported in the Evening Standard on 13 January 2011 that Downing Street had ordered a review of Bribery Act and the Guidance. The broadsheets followed suit and many reported this story on 14 January. It was thought that a review of the Bribery Act had been ordered as a result of fears that the new legislation could be too damaging to economic growth, and result in businesses being deterred from the UK, an issue which many have raised over the last year.
The official report published on the Number 10 website on 14 January 2011 indicates a much more generic review. A spokesman for Number 10 said that the review will look at "at all areas of government policy to see what we could do in order to remove obstacles that would help investment and economic growth." They reiterated their statement that bribery should not play any part in business.
The new bribery legislation has far reaching effects, particularly with regard to the extraterritorial aspect. It is important for companies to be prepared for the changes, and have in place adequate procedures to prevent liability under the Act. Many fear that the Act will be too far reaching, and will stilt economic growth. However, offences of bribery are already illegal in the UK, and the US Foreign and Corrupt Practices Act is almost as far reaching, so it remains to be seen whether the new bribery legislation will have the sweeping impact many fear.
Whilst changes relaxing the rules would come as a welcome relief to many companies, it is unlikely that substantial changes (if any) will be made to the Bribery Act at this late stage. The consultation exercise on the guidance regarding the procedures which commercial organisations can put in place to prevent bribery ended in October 2010. We anticipate that the final guidance will be published before the end of January
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